Craks Commerce Exam Questions
and Answers 100% PASS
Entrepreneurs - CORRECT ANSWER-Individuals who have an original idea for
a product or service in which they start, operate, and assume the risk of a business
venture.
Traits of an entrepreneur - CORRECT ANSWER--ambitious
-initiative
-takes advantage of opportunities
-innovative
-resilience
-appreciation of the role of failure in success
Advantages of Entrepreneurship - CORRECT ANSWER-- Being your own boss;
independent
- Possibility of making a profit for yourself
- Challenge, reward, and satisfaction
- Increase personal wealth
,- Contribute to society
- Develop own creative ideas
- Overcome unemployment
Disadvantages of entrepreneurship - CORRECT ANSWER-- Hard work and long
hours
- Risk of failure
- Income may fluctuate and be uncertain
- High levels of responsibility
Bussines opportunity - CORRECT ANSWER-Is something that a person can see
as an avenue to success. It is often identified when a person feels they can provide
goods or services in a better or different way from that already in the market.
Example of a business (for entrepreneurship/ business opportunity) - CORRECT
ANSWER-The Baraka women opened their clothing business that sold
fashionable modest clothing due to their challenging experience of finding modest
yet stylish clothing for women.
Vision - CORRECT ANSWER-refers to the clear, shared sense of direction that
allows people to achieve a common goal and involves creating a short statement
that will guide the business over the next few years.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
, Initiative - CORRECT ANSWER-refers to the ability to be resourceful and decide,
in an independent way, what to do, and when to do it.
Resilience - CORRECT ANSWER-Refers to the ability to cope with the ups and
downs, adapt well to change and bounce back from challenges.
Innovation - CORRECT ANSWER-refers to the process of creating a new or
significantly improved product, service, or process.
How to plan for success/ business opportunities - CORRECT ANSWER-- Market
research
- Location
- Demographics
- Competition
- Target market
Market research - CORRECT ANSWER-Involves collecting and analysing
information about customers and the business opportunities available. Market
research helps entrepreneurship to make better decisions by understanding
consumer behaviour.
Location - CORRECT ANSWER-The location chosen can affect many aspects of
how a business operates such as total sales and how expensive it is to run.
and Answers 100% PASS
Entrepreneurs - CORRECT ANSWER-Individuals who have an original idea for
a product or service in which they start, operate, and assume the risk of a business
venture.
Traits of an entrepreneur - CORRECT ANSWER--ambitious
-initiative
-takes advantage of opportunities
-innovative
-resilience
-appreciation of the role of failure in success
Advantages of Entrepreneurship - CORRECT ANSWER-- Being your own boss;
independent
- Possibility of making a profit for yourself
- Challenge, reward, and satisfaction
- Increase personal wealth
,- Contribute to society
- Develop own creative ideas
- Overcome unemployment
Disadvantages of entrepreneurship - CORRECT ANSWER-- Hard work and long
hours
- Risk of failure
- Income may fluctuate and be uncertain
- High levels of responsibility
Bussines opportunity - CORRECT ANSWER-Is something that a person can see
as an avenue to success. It is often identified when a person feels they can provide
goods or services in a better or different way from that already in the market.
Example of a business (for entrepreneurship/ business opportunity) - CORRECT
ANSWER-The Baraka women opened their clothing business that sold
fashionable modest clothing due to their challenging experience of finding modest
yet stylish clothing for women.
Vision - CORRECT ANSWER-refers to the clear, shared sense of direction that
allows people to achieve a common goal and involves creating a short statement
that will guide the business over the next few years.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
, Initiative - CORRECT ANSWER-refers to the ability to be resourceful and decide,
in an independent way, what to do, and when to do it.
Resilience - CORRECT ANSWER-Refers to the ability to cope with the ups and
downs, adapt well to change and bounce back from challenges.
Innovation - CORRECT ANSWER-refers to the process of creating a new or
significantly improved product, service, or process.
How to plan for success/ business opportunities - CORRECT ANSWER-- Market
research
- Location
- Demographics
- Competition
- Target market
Market research - CORRECT ANSWER-Involves collecting and analysing
information about customers and the business opportunities available. Market
research helps entrepreneurship to make better decisions by understanding
consumer behaviour.
Location - CORRECT ANSWER-The location chosen can affect many aspects of
how a business operates such as total sales and how expensive it is to run.
